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Fiduciary Management, Inc. Quarterly Review – June 30, 2021 100 East Wisconsin Avenue, Suite 2200 Milwaukee, Wisconsin 53202 414.226.4545 FMI All Cap Equity www.fmimgt.com Performance Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception All Cap (Gross) 5.58% 13.65% 40.85% 13.26% 13.88% 12.77% 10.92% Russell 3000 Index 8.24% 15.11% 44.16% 18.73% 17.89% 14.70% 10.70% Russell 3000 Value Index 5.16% 17.67% 45.40% 12.23% 11.99% 11.54% 7.92% Inception: December 31, 2007 Performance is preliminary and subject to reconciliation. Top 10 – Portfolio Holdings: Investment Philosophy: Berkshire Hathaway Inc. Cl B 4.4% Purchase durable business franchises that are selling at a Masco Corp. 3.4% discount to their intrinsic value. FirstCash, Inc. 3.3% Investment Process: Comcast Corp. Cl A 3.2% We utilize a business owner’s approach to investing, Houlihan Lokey, Inc. Cl A 3.1% thoroughly investigating the economics of the business and the quality of the management team. Some of the Genpact Limited 3.1% characteristics of good businesses include strong recurring Dollar General Corp. 3.1% revenue and attractive returns‐on‐invested capital (ROIC). Arrow Electronics, Inc. 3.0% We have a strong orientation to low absolute and relative Charles Schwab Corp. 3.0% valuation, which are key to the execution of our investment Robert Half International Inc. 2.8% strategy. A new idea will come from a variety of sources including company visits, screens, conferences, trade Portfolio Characteristics: (1) periodicals and general reading. All members of the research team are responsible for fundamental research. P/E Ratio (trailing one year) 23.7x FY1 P/E Ratio (forward 4 quarters) 21.0x Once an investment opportunity is identified it is put P/S Ratio 3.0x through an extensive due diligence process, which typically P/B Ratio 4.4x includes management interviews and site visits. When an EV/EBITDA Ratio 17.4x acceptable level of conviction is achieved, the appropriate weighting (considering liquidity, valuation, etc.) is Number of Holdings 49 discussed and determined. A new company purchased in Active Share 90% the portfolio will usually have an initial position size of 1‐ 3%. The portfolio generally consists of 35‐45 companies Recent Purchase: and is well diversified across sectors. Herbalife Nutrition Ltd. Ticker: HLF Added: June 2021 We are long‐term investors, a typical holding period for our Herbalife is a global nutrition company primarily engaged in the development and distribution of companies is three to five years, and portfolio turnover weight loss and nutrition products. Herbalife utilizes a direct selling/multi‐level marketing (MLM) averages 20‐40% per annum. approach to distribute its products, allowing certain distributors to earn royalty and other bonus payments from the company upon achieving certain sales thresholds. Its MLM sales model has Research undergone scrutiny through a large‐scale two‐year‐long FTC audit and investigation, leading the Portfolio Management Committee (PMC) Team company to endure one of the most public and widely‐known short attacks. Although this gave us some apprehension, after taking a deeper look into the company, we found that Herbalife is a Jonathan T. Bloom, CFA √ legitimate and ethical business that has proven its ability to perform well alongside the business John S. Brandser changes mandated by the FTC in 2016. The company’s business distributors act as weight loss Patrick J. English, CFA √ mentors, allowing them to form strong relationships with customers, producing better weight loss results, therefore making customers stickier. Its revenue is both geographically diverse and Robert M. Helf, CFA √ defensive, as demonstrated by its strong performance throughout the pandemic and the Great Julia L. Jensen √ Financial Crisis. There are several catalysts for growth, starting with COVID‐19 leading to a more Benjamin D. Karek, CFA √ health‐focused consumer and higher demand for health and weight loss products. The valuation is low, and we believe the company should grow nicely in the years ahead. We initiated a 1.3% Andy P. Ramer, CFA √ position in June 2021. Daniel G. Sievers, CFA √ Recent Sale: Matthew T. Sullivan, CFA √ Nestlé S.A. Ticker: NSRGY Sold: June 2021 Jordan S. Teschendorf, CFA √ Nestlé is among the world’s largest consumer goods companies with a focus on food, nutrition, Dain C. Tofson, CFA √ and wellness. In 2020, the company generated $84 billion in sales. Nestlé’s product portfolio includes Powdered & Liquid Beverages (Nescafé, Nespresso, Starbucks, Coffee mate, Nesquik, For a detailed explanation of the FMI All Cap Equity Composite, Ovaltine); Nutrition & Health Science (Gerber, Boost); Petcare (Purina); Milk and Ice Cream; please refer to the attached GIPS composite report. Prepared Dishes & Cooking Aids (Lean Cuisine, DiGiorno, Hot Pockets); Confectionary (KitKat); and Water (Perrier, S.Pellegrino, Poland Spring). Nestlé also owns approximately 130 million shares of (1) Estimated valuations are based on a representative account L’Oréal, currently valued at $57 billion. The FMI All Cap portfolios have owned the stock since from the FMI All Cap Equity Composite, and are weighted August 2009 on the thesis that the business is generally a model of consistent revenue and margin average calculations, not reweighted to exclude cash, and expansion benefiting from category and geographic expansion and the “premiumization” of its financial companies are excluded from the EV/EBITDA products. Over the years, the management team has done a good job of portfolio management calculation. Valuations for the portfolio are modified based on into higher margin, higher growth categories. We have viewed the stock as defensive and have criteria identified by FMI. For more detailed information been generally trimming the position in recent periods, as the market has valued the business regarding these valuations, please contact FMI. favorably due to these characteristics. We sold our remaining 0.7% in June 2021. .
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